BEHARI LAL ENGINEERING L

Manufactures metal rolls, engineering castings, alloy steel and forging ingots from a single fungible melt shop at Mandi Gobindgarh, Punjab, with the same liquid metal redirected to whichever product line has stronger demand. The FY26 product mix was alloy steel at 46% of revenue, metal rolls at 26%, engineering castings at 20% and forging ingots at 4%. Alloy steel, engineering castings and rolls are classed as high-value products and made up 60.4% of Q1 FY27 revenue, up from 45% in FY25, with management targeting ~70% in the medium term. Q1 FY27 revenue was INR151.7 cr (+18% YoY) on volumes of 22,095 tonnes, with operating EBITDA margin at 18.2%. The business meets 11.5% of India's metal roll demand per CRISIL and serves 1,871 customers across steel, thermal power and defense, with cited defense customers including Bharat Dynamics and NPCIL. A new Unit 3 for ICDP and HSS rolls, currently imported, is under construction with commissioning targeted for Q1 FY28, supported by FY27 capex of INR80 cr. Material costs are the largest input at 51.1% of revenue.